Contents00Back to Top01Macro-Credit Environment Overview02Key Risks: August 202303Long-Term and Emergent Risks04Funding, Asset Valuations and Financial Instability05Inflation and Interest Rates06Geopolitics, Governance and Policy Risks07Ratings Performance08Ratings Snapshot: Global09Ratings Snapshot: Regional10Economic Forecasts and Commodity Price Assumptions11ForecastsRelated U.S. RatingCommercial Real EstateRecession Risk, Inflation & RatesClimate ChangeRussia/Ukraine CrisisESGChinaPrior EditionsMay 2023February 2023October 2022July 2022April 20222022 HorizonsOctober 2021July 2021April 2021Key Macro Risks & InsightsRisk HeadquartersLearn MoreRead Fitch Wire01Macro-Credit Environment Overview 02Key Risks: August 2023 03Long-Term and Emergent Risks 04Funding, Asset Valuations and Financial Instability 05Inflation and Interest Rates 06Geopolitics, Governance and Policy Risks 07Ratings Performance 08Ratings Snapshot: Global 09Ratings Snapshot: Regional 10Economic Forecasts and Commodity Price Assumptions 11Forecasts